News about Sunway Construction

SunCon did not disclose further details on the awarding party or the project locations.

Under the contract, the multinational corporation has the option, but not the obligation, to award the mechanical and engineering fit-out works to SCSB, subject to finalisation of the project contract.

The property development segment reported a revenue of RM380.

The strong quarterly performance also boosted its nine-month results to a record high, with net profit more than doubling to RM243.

The move, which forms part of an intra-group restructuring exercise, will allow SunCon to streamline operations and sharpen its focus on core construction and related services, SunCon said.

Sunway Construction retains the discretion to postpone or defer the project, or any portion of it, by up to six months.

"Even so, given its strong brand equity and parentage, we think SunCon will be able to recover from this event without impacting its new order wins materially over the longer term.

“SunCon is also currently seeking legal counsel to evaluate the appropriate actions to be taken on certain sub-contracts and parties.

The Bursa Malaysia Construction Index, which tracks 50 stocks in the sector, was down to its lowest in more than three months.

“The group is optimistic of registering a positive growth in FY2024 supported by our strong existing outstanding order book” totalling RM6.